Swedish Potentially Undervalued Small Caps

TradeDoubler

Market Cap: SEK 404.7m

Provides performance marketing and technology solutions for publishers and advertisers in Europe.

Generic Sweden

Market Cap: SEK 439.4m

A technology company, provides messaging services for all applications.

Avensia

Market Cap: SEK 276.2m

Provides e-commerce solutions in Sweden.

Mentice

Market Cap: SEK 362.8m

Develops, sells, and markets solutions for training and decision support in the clinical area of interventional angiography in cardiology, neurology, vascular surgery, and radiology.

Terranor Group

Market Cap: SEK 466.0m

Operates as infrastructure and road maintenance company in Sweden, Denmark, and Finland.

Sleep Cycle

Market Cap: SEK 350.8m

Engages in the development of sleep analysis applications in Sweden and internationally.

Angler Gaming

Market Cap: SEK 269.9m

Invests in companies that offer gaming services through the internet in Malta.

QleanAir

Market Cap: SEK 396.7m

Provides air cleaning solutions for indoor environments in Sweden and internationally.

Boule Diagnostics

Market Cap: SEK 151.4m

Develops, manufactures, and markets instruments and consumable products for blood diagnostics in the United States of America, Asia, Eastern Europe, Latin America, Western Europe, Africa, and the Middle East.

Qualisys Holding

Market Cap: SEK 498.5m

Provides precision motion capture and 3D positioning tracking systems in Europe, the Middle East, Africa, the United States, and the Asia-Pacific.

Upsales Technology

Market Cap: SEK 412.5m

Operates as a software-as-a-service company that develops and sells web-based business systems with a focus on sales, marketing, and analysis in Sweden and internationally.

Raketech Group Holding

Market Cap: SEK 79.1m

Operates as an affiliate and performance marketing company worldwide.

Nordic LEVEL Group AB (publ.)

Market Cap: SEK 117.3m

Provides safety and security solutions primarily in Sweden.

Garo Aktiebolag

Market Cap: SEK 564.0m

Develops, manufactures, and markets electrical installation materials in Sweden, Norway, Ireland, the United Kingdom, Finland, Denmark, Austria, Poland, Belgium, and internationally.

Physitrack

Market Cap: SEK 147.0m

Provides digital healthcare solutions in the United Kingdom, Europe, North America, and internationally.

Wästbygg Gruppen

Market Cap: SEK 230.5m

Operates as a construction and project development company in Sweden, Norway, Denmark, and Finland.

Careium

Market Cap: SEK 489.0m

Provides technology-enabled care services in Sweden, Norway, the United Kingdom, the Netherlands, Germany, France, and Spain.

Novus Group International

Market Cap: SEK 35.1m

Novus Group International AB operates as an analysis and survey company in Sweden.

Transfer Group

Market Cap: SEK 35.3m

Transfer Group AB (publ) company offers security services in Sweden.

Transferator

Market Cap: SEK 96.0m

A public private equity and venture capital firm.

White Pearl Technology Group

Market Cap: SEK 408.5m

Engages in selling various technology solutions and products in Sweden, Africa, the Middle East, Asia, and Latin America.

TagMaster

Market Cap: SEK 395.5m

An application driven technology company, designs and markets advanced sensor systems and solutions based on radio, radar, vision, and wireless magnetic technology under the TagMaster, Sensys Networks, Citilog, and Quercus brand names.

Sprint Bioscience

Market Cap: SEK 426.3m

A pharmaceutical company, engages in the development of pharmaceutical products in the areas of cancer in Sweden.

Adtraction Group

Market Cap: SEK 536.4m

Provides advertising services in Europe.

Double Bond Pharmaceutical International

Market Cap: SEK 12.9m

A pharmaceutical company, engages in the development and commercialization of approaches for the treatment of oncological and infectious diseases.

AIK Fotboll

Market Cap: SEK 40.4m

Operates a football club in Sweden.

Arcoma

Market Cap: SEK 119.0m

Develops, produces, and provides radiology solutions and digital x-ray systems in Sweden and internationally.

Dedicare

Market Cap: SEK 404.0m

Operates as a recruitment and staffing company in the healthcare, life science, education, and social work industries in Sweden, Norway, Finland, the United Kingdom, and Denmark.

Catena Media

Market Cap: SEK 179.3m

Provides affiliation marketing services for operators of online sports betting and casino platforms in North America and Latin America.

36 Group

Market Cap: SEK 3.9m

A global gaming company, provides sensor technologies, visual identification, and Artificial Intelligence.

Nordic Flanges Group

Market Cap: SEK 65.2m

Manufactures and sells industrial flanges in Sweden, the rest of the Nordic region, the United States, and internationally.

Eniro Group

Market Cap: SEK 509.6m

Operates as a software-as-a-service company in Sweden, Norway, Denmark, and Finland.

Hultstrom Group

Market Cap: SEK 188.6m

Provides project management and consulting services in Sweden, rest of Europe, Asia, and Africa.

Elon

Market Cap: SEK 280.1m

Operates a chain of consumer electronics stores in the Nordic countries.

NanoCap Group

Market Cap: SEK 21.9m

NanoCap Group AB (publ), previously known as New Equity Venture International AB, is a private equity, venture capital and family ownership firm, specializing in early venture, middle venture and late venture, bridge, mature and growth stage investments.

Garpco Aktiebolag

Market Cap: SEK 256.3m

Through its subsidiaries, engages in the manufacture and sale of industrial tools, industrial components in polymer materials, and interior design and furnishings.